Prepare the adjusted bank balance section

Assignment Help Accounting Basics
Reference no: EM132468235

Question - Teng Corporation received a bank statement showing a balance of $14,950 as of October 31, 2019. The firm's records showed a book balance of $14,467 on October 31. The difference between the two balances was caused by the following items.

1. A debit memorandum for an NSF check from Richard Wolf for $429.

2. Three outstanding checks: Check 7017 for $129, Check 7098 for $60, and Check 7107 for $1,610.

3. A bank service charge of $25.

4. A deposit in transit of $862.

Required - Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries for the year 2019.

Reference no: EM132468235

Questions Cloud

Discuss the purpose of the statement of cash flows : Explain the significance of separating cash ?ows into operating activities, investing activities and ?nancing activities to financial statement users
Expected price of honda cr-v ex-l hybrid : Inflation ratesin US are 2.2% and 0.5% in Japan. One year from now, what would bethe dollar expected price of Honda CR-V EX-L Hybrid?
What is the? firm debt? ratio-dearborn supplies : Supplies has total sales of $194 ?million, assets of $107 ?million, a return on equity of 32 ?percent, and a net profit margin of 7.3 percent.
Prepare the statement of changes in equity for walma berhad : Prepare a Statement of Profit or Loss and Other Comprehensive Income for Walma Berhad the year ending 31 December 2017.
Prepare the adjusted bank balance section : Prepare the adjusted bank balance section and the adjusted book balance section of the bank reconciliation statement. Prepare the necessary journal entries
What is the present value today of these future cash flows : You have decided to discount these cash flows at a constant interest rate of 5.9%. What is the present value today of these future cash flows
Time value of money tables : Using the time value of money tables provided in the textbook or a financial calculator, calculate solutions for the following problems.
Explain how the ADC contributes to the target budget : Discussion Question - The Average Daily Census (ADC) and the Target Budget. Explain how the ADC contributes to the target budget
How much interest was paid on the loan : The rate was changed to 8.5% effective September 1st and to 9% effective December 1st. How much interest was paid on the loan?

Reviews

Write a Review

Accounting Basics Questions & Answers

  During the current period department a finished and

during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000

  Determine the due date of the note

Determine the due date of the note and determine the maturity value of the note.

  Prepare the cash flows from operating activities

Brite Corp. has the following 2016 Income Statement: Sales Revenue-$212,290, Prepare the cash flows from operating activities using the direct method

  Briefly describe the main point of this article

Using a search engine, search for an article written by Vangie Beal titled Top 2012 e-Commerce Trend. Briefly describe the main point of this article.

  Show the corrected net income for the years

Prepare a schedule that will show the corrected net income for the years 2009 and 2010. All items listed should be labeled clearly

  Describe how you would use both data driven and model

You have been hired to develop a DSS for a car company such as Ford or GM. Describe how you would use both data driven and model driven DSS.

  A small company that transports business packages between

a small company that transports business packages between new york and chicago. it operates a fleet of small vans that

  What is an employer unemployment merit rating

Which payroll taxes are the employee's responsibility and which are the employer's responsibility?

  Distant learning project-presentation

Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.

  Determine the amount of cost in the raw materials

Determine the amount of cost in the Raw Materials, Work in Process, and Finish Goods Inventory as of the date of the storm

  Provide an example of a transaction

Provide an example of a transaction that affects (a) only one element of the accounting equation, (b) two elements of the accounting equation, (c) three elements of the accounting equation.

  What is the sarbanes-oxley act

What is the Sarbanes-Oxley Act? Why is it important to the accounting profession

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd